How it works | USA – GHS – Kaoshi Network | Send and Receive Money Bullet Fast and At The Best Rates

Kaoshi Network

Our digital peer-to-peer marketplace enables two-way currency exchanges between users with cedis and users in the diaspora with foreign currency.

How we Work

Choosing your own exchange rate

We give you the flexibility to set your own exchange rate to swap your currency (within a given rate range), giving you greater control of each transfer.

We also provide a ‘Suggested Rate’, for our users who want to swap their currencies at the prevailing market rate.

Peer-to-peer Offers

Kaoshi users can access a daily stream of live offers in the marketplace across all the currencies we enable swaps. Our marketplace allows users, shop for the best offers. i.e. The offers that guarantee that their beneficiaries receive the most money.

In the event the available offers are not within your desired rate range, just set a preferred rate, using the ‘Rate Alert’ feature, and get notified when a better offer is live on the platform.

Kaoshi User Types

There are two types of users on Kaoshi – Matchers and Posters.

A ‘Matcher’ is someone who wants to send Cedis to Ghana from the diaspora. Whilst a ‘Poster’ is someone in Ghana who wants to exchange their Cedis for foreign exchange (FX), in their local domiciliary account or a foreign bank account.

Account Setup

Matcher User

I want to send Cedis to Ghana from the diaspora

Poster User (1)

I want to exchange Cedis for foreign exchange into a foreign bank account

Poster User (2)

I want to exchange Cedis for foreign exchange into a local domiciliary account

For instance – Kofi lives in United States and needs to send Cedis to his mum (Nana) in Ghana.

Kofi Creates his Kaoshi account

Inputs contact details

Selects Bank Location

Enters Bank Details of Zelle-enabled
bank account as payment method

Account setup for Poster 1

Ashanti, who wants to send money to her brother (Felix) in the US for his upkeep

Ashanti Creates her Ghanaian Kaoshi account:

Inputs contact details

Selects Bank Location

Select Payment Method

Enter Ghanaian bank debit card details

Account setup for Poster B

Kojo is exchanging his Cedis for (inflow) US dollars for savings and personal online purchases.

Kojo creates a Poster account

Inputs contact details

Selects Bank Location

Selects Payment Method

Selects Delivery Method

Enter Ghanaian domicilary bank account as the delivery method

Enter Debit Card details as the payment method

How the Matcher and Poster accounts work together

Matcher User

I’m sending Cedis to Ghana from abroad

Poster User (1)

I’m exchanging Cedis for foreign exchange into my foreign bank account

Poster User (2)

I’m exchanging Cedis for foreign exchange into my local domiciliary account

A matcher user, Kofi intends on sending Cedis from Unites State to his mom (Nana) in Ghana. He will achieve this by matching offers made by poster accounts on Kaoshi.

Kofi finds two offers from Kojo and Ashanti, poster accounts that match his request.

Matching request with poster 1

Step 1

Matching Kofi’s request with poster 1, Ashanti, who wants to send money to her brother (Felix) in the US for his upkeep

Kofi accepts Ashanti’s offer

Step 2

Kofi is prompted to make the payment to Ashanti’s American bank account

Kaoshi verifies the payment and payment amount

Ashanti receives her USD in her American bank account

Step 3

Kofi’s Mum – Nana, receives her Cedis As soon as Ashanti’s brother (Felix) receives his USD in his American account, the bank moves the Cedis on hold in Ashanti’s Cedi account to Kofi’s mom’s bank account.

Matching request with poster 2

Step 1

Matching Kofi’s request with poster 2, Kojo, who wants to exchange his Cedi for US dollars into his local domiciliary bank account.

Kofi accepts Kojo’s offer

Step 2

Kofi completes the transfer to a Ghanaian domiciliary account

Kofi is prompted to make a USD payment to Kojo’s Ghanaian domiciliary account via his preferred licensed IMTO like Worldremit, Ria Money Transfer and Remitly

To complete the transfer, Kofi copies Kojo’s details (as displayed) and is redirected to the licensed IMTOs page, where he is prompted to make the payment

Step 3

Kaoshi verifies the payment and payment amount

Kojo receives his (inflow) US dollars in his domiciliary account

As soon as Kojo receives the US dollars in his domiciliary account, the bank moves the Cedis on hold in Kojo’s Cedis account to Kofi’s mom’s account.

A poster user, Ashanti intends on exchanging her Cedis from her Ghanaian bank account for Canadian Dollars into her Canadian bank account.

Step 1

Posting an offer (Poster 1)

Ashanti starts by posting an offer with her Ghanaian account then she gets matched to a user that accepts her offer.

She specifies the USD amount she needs

Sets preferred exchange rate

Enters her brother’s email address as the recipient (NOTE: Felix receives an email prompting him to open a Kaoshi account to be able to receive the money. He also needs to add his Zelle-enabled bank account as delivery method.)

Ashanti’s bank places a fund hold on her cedis account for the cedis amount till the transaction is completed.

Ashanti’s posting limit is 1000 USD per transaction, but she can make multiple transactions daily.

Unmatched offers expire after 24 hours and the fund hold is released on Ashanti’s cedis account for the aforementioned cedi amount.

Step 2

Offer getting matched

Ashanti’s offer is then matched to a user who accepts her offer.

The user that matched Ashanti’s offer is then prompted to make the payment.

Kaoshi verifies the payment and payment amount

A poster user, Kojo intends on exchanging his Cedis from his Ghanaian bank account for US Dollars into his local domiciliary account.

Step 1

Posting an offer (Poster 2)

Kojo starts by posting an offer with his Kaoshi account then he gets matched to a user that accepts his offer.

Specifies the US dollar amount he needs

Sets preferred exchange rate

Enters his Kaoshi email address as the recipient

Kojo’s bank places a fund hold on his cedis account for the cedis amount till the transaction is completed.

Kojo’s posting limit is 1000 USD per transaction, but he can make multiple transactions daily.

Unmatched offers expire after 24 hours and the fund hold is released on Kojo’s cedis account for the aforementioned cedis amount.

Although Kojo’s offer is a request for USD in his domiciliary account, his offer is broadcast to everyone across the globe, and not just to Kaoshi users in the USA. For his offer to be accessible globally, it is automatically converted to the local currency of each country it is broadcast to – by licensed international money transfer operators (IMTOs) on Kaoshi like Worldremit, Ria Money Transfer or Remitly.

Step 2

Offer getting matched

Kojo offer is then matched to a user who accepts his offer.

A matcher is prompted to make a USD payment to Kojo’s Ghanaian domiciliary account via his preferred licensed IMTO like Worldremit, Ria Money Transfer and Remitly

To complete the transfer, the Matcher user copies Kojo’s details (as displayed) and is redirected to the licensed IMTOs page, where he is prompted to make the payment

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CONTACTS

Kaoshi Network

How we Work

Choosing your own exchange rate

Peer-to-peer Offers

Kaoshi User Types

Account Setup

Matcher User

Poster User (1)

Poster User (2)

Kofi Creates his Kaoshi account

Account setup for Poster 1

Ashanti Creates her Ghanaian Kaoshi account:

Account setup for Poster B

Kojo creates a Poster account

How the Matcher and Poster accounts work together

Matcher User

Poster User (1)

Poster User (2)

Matching request with poster 1

Step 1

Step 2

Step 3

Matching request with poster 2

Step 1

Step 2

Step 3

Step 1

Step 2

Step 1

Step 2

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